Chrysler Profit Rises on U.S. Sales Gains

DETROIT ( TheStreet) -- Chrysler said first-quarter net income more than quadrupled following a 40% increase in U.S. sales.

The automaker reported net income of $473 million, compared with $116 million in the same period a year earlier. Revenue rose 25% to $16.4 billion.

Chrysler CEO Sergio Marchionne

"Another positive quarter -- built on sales gains that have surpassed the industry average -- is affirmation that the Chrysler team is maintaining its focus," said CEO Sergio Marchionne in a prepared statement.

The Detroit News reported Thursday that Marchionne plans to open an office in the historic Dime Building in downtown Detroit, which would house about 70 Chrysler employees in 30,000 square feet of office space. Machionne would maintain his current office at Chrysler's Auburn Hills headquarters, the newspaper said.

Ford ( F) is slated to report earnings on Friday, while GM ( BA) will report on May 3.